Japanese automakers Honda and Nissan are in preliminary merger talks, according to media reports Wednesday. A tie-up would aim to help them better compete against Tesla and Chinese electric vehicle makers.Shares in Nissan soared more than 20 percent on the stories in the Nikkei, Financial Times and others, while Honda dipped more than two percent. Mitsubishi Motors -- of which Nissan is the top shareholder -- gained 13 percent.
Japan's number two and three automakers behind Toyota had already agreed in March to explore a strategic partnership on EVs. 'We are discussing possibilities for cooperation between Honda and Nissan in the future, in a wide range of fields and in various areas, and those possibilities include the latest reports, but there is nothing decided,' a Honda spokesman told Agence France-Presse on Wednesday. Nissan said: 'The content of the report is not something that has been announced by either company. As announced in March of this year, Honda and Nissan are exploring various possibilities for future collaboration, leveraging each other's strengths.' If there are any updates, we will inform our stakeholders at the appropriate time.' Major automakers the world over have been reeling from tough competition in EVs, in particular from Chinese competitors such as BYD. Volkswagen is considering closing German factories for the first time, while General Motors said this month it would book more than $5 billion in writedowns on its Chinese joint venture. Last month Nissan announced 9,000 job cuts, slashed its sales forecasts and said it would reduce global production capacity by 20 percent. Warning of a 'severe situation,' its CEO Makoto Uchida said he would forfeit half his salary. Nissan has seen a turbulent decade that included the shock 2018 arrest of former boss Carlos Ghosn, who later jumped bail and fled Japan in a music equipment box
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